CST: 27/08/2016 13:42:56   

S Split Corp. Announces Year End Results

156 Days ago

TORONTO, ONTARIO--(Marketwired - Mar 23, 2016) - S Split Corp. (the "Fund") (TSX:SBN)(TSX:SBN.PR.A)announces results of operations for the year ended December 31, 2015. Decrease in net assets attributable to holders of Class A shares amounted to $3.48 million or $2.99 per Class A share. During the year, cash distributions of $0.53 per share were paid to Preferred shareholders and $0.43 per share were paid to Class A shareholders. As at December 31, 2015, net assets attributable to holders of Class A shares were $6.08 million or $5.34 per Class A share.

The investment objectives for the Class A Shares are: (i) to provide holders of Class A Shares with regular monthly cash distributions targeted to be 6.00% per annum on the net asset value ("NAV") of the Class A Shares; and (ii) to provide holders of Class A Shares with the opportunity for leveraged growth in NAV and distributions per Class A Share.

The investment objectives for the Preferred Shares are: (i) to provide holders of Preferred Shares with fixed cumulative preferential monthly cash distributions in the amount of $0.04375 per Preferred Share ($0.525 per year) representing a yield on the issue price of the Preferred Shares of 5.25% per annum; and (ii) to return the issue price of $10.00 per Preferred Share to holders of Preferred Shares upon termination of the Fund.

The Fund invests in The Bank of Nova Scotia ("BNS") shares.

The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generated by the BNS shares and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.

The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's Preferred and Class A shares are listed on Toronto Stock Exchange under the symbols SBN.PR.A and SBN respectively.

Selected Financial Information: ($ Millions)
Statement of Financial Position 2015
As at December 31
Assets $ 17.55
Liabilities (including Redeemable Preferred Shares) (11.47 )
Net Assets Attributable to
Holders of Class A Shares $ 6.08
Statement of Comprehensive Income
For the year ended December 31
Income (including Net Loss on Investments) $ (2.29 )
Expenses (0.58 )
Operating Loss $ (2.87 )
Preferred Share Distributions (0.61 )
Decrease in Net Assets Attributable to Holders of Class A Shares $ (3.48 )

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Strathbridge Asset Management Inc.
Aaron Ho
Vice-President, Finance
416.681.3966; 1.800.725.7172
Strathbridge Asset Management Inc.
121 King Street West, Suite 2600
Toronto, Ontario, M5H 3T9
416.681.3966; 1.800.725.7172
info@strathbridge.com
www.strathbridge.com